The average luxury residential value in Monaco has reached €53,000 per square metre in the second quarter of 2017, according to Knight Frank’s latest report.

Located on France’s Mediterranean coastline, Monaco is estimated to accommodate 16,100 millionaires and 1,450 individuals with a high net worth by 2026.

Rising prices are being supported by a lack of new development. According to the Monaco Statistics Office, not one residential unit was completed in the Principality last year. While there is residential development underway, it’s still far from completion, the report stated.

Edward de Mallet Morgan, head of the Monaco desk at Knight Frank, said: “Monaco has everything on tap, so a sacrifice in the size of property is worth it for the location and lifestyle on offer.”

With the IIot Pasteur regeneration project set to transform the area, linking Condamine and Fontvieille, along with several other large-scale public investment schemes, Monaco remains at the top of the global wish lists, according to Kate Everett-Allen, partner, international research at Knight Frank.

“No other city in the world boasts the same wealth density,” she added.